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Manufactured Homes Gain Insurance Coverage

mh-3Owners of older mobile homes and even homeowners of some manufactured homes have had hard times getting insurance. But as the economy begins to improve, some insurance companies are starting to welcome manufactured home owners back to buy insurance coverage.

In the past, manufactured homes were called mobile homes, although today we have a lot of different classes of manufactured homes to choose from. These new home types are built in factories and conform to minimal federal standards, like the HUD code (or Housing and Urban Development code). They also are required to abide by local and state standards for minimal safety standards.

This might be because mobile home parks seem to be magnets during severe weather, and thousands of mobile homes and manufactured homes have been destroyed or sustained serious damage in serious weather outbreaks, including hurricanes and tornadoes. Slash Your Home Insurance Premiums. Search for Lower Rates

Many manufactured home owners have found it difficult to find insurance coverage, and some have been denied coverage.

Some of the common policies today in the insurance industry provide a clear picture of what to expect from your manufactured home insurance company. Let’s say for example, you have your home insured for about $250,000, which actually follows that your personal effects should be insured for about $25,000 or 10% of the manufactured homes value.

As the homeowner if you suffer damages to personal belongings or even theft, your possessions should also be covered in the insurance terms, naturally for 50% of your home’s cost. When you insure your house for $500,000 then your possessions are typically estimated to be worth $250,000.

Factory-built homes are actually ideal for many families with low-to-moderate incomes.The lower price of manufactured homes offer families on a restricted budget a better way to own a home than being forced to rent.